In Vitro Diagnostics Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

In Vitro Diagnostic Market Analysis

The In Vitro Diagnostic Market size is estimated at USD 95.59 billion in 2024, and is expected to reach USD 125.61 billion by 2029, growing at a CAGR of 5.62% during the forecast period (2024-2029).

The growth of the In Vitro Diagnostics Market is attributed to the high prevalence of chronic and infectious diseases, increasing use of Point of Care Diagnostics, advanced technologies in In Vitro Diagnostic products, and the growing awareness and acceptance of personalized medicine and Companion Diagnostics.

The growing burden of chronic diseases fuels the need for In Vitro Diagnostics solutions to improve early diagnosis of the condition, which is expected to contribute to market growth. For instance, in December 2023, the Australian Institute of Health and Welfare (AIHW) mentioned that the risk of coronary heart disease increases significantly with age and is prevalent in around 1 in 9 adults (11%) aged 75 years and above in Australia. In addition, in July 2023, the United Nations Office for the Coordination of Humanitarian Affairs (OCHA) reported that around 39 million individuals were infected with HIV in 2022 worldwide. The high incidence of chronic diseases is increasing the demand for substantial diagnostic procedures, which, in turn, is expected to drive the market over the forecast period.

The use of IVD Products with advanced technologies increases their adoption rate and contributes to industry growth. There has been a paradigm shift from traditional diagnostics to a new generation of diagnostics that work at the gene level. This shift reflects emerging In Vitro Diagnostics Market Trends, as advanced technologies, such as genetic testing, Molecular Diagnostics, polymerase chain reaction (PCR), and next-generation sequencing (NGS) are integrated into the IVD platform. For instance, in June 2023, Deyser launched genetic testing solutions, such as LynchFAP and Devyser BRCA PALB2, to analyze genes like PMS2 and nine other associated genes with Lynch syndrome and breast and ovarian cancer. These kits are equipped with next-generation sequencing (NGS) technology that offers an analysis of genes and improves the diagnosis of hereditary cancer syndromes. This is expected to enhance its adoption and propel market growth over the forecast period.

Additionally, market players incorporate strategic initiatives such as product launches, which will lead to an increase in the accessibility of the products, and thus, drive market growth in the In Vitro Diagnostics Industry. For instance, in November 2023, Roche launched the Light Cycler PRO System, incorporating advanced qPCR technology to support Clinical Diagnostics and research. This advanced system improves performance and usability to address the needs and gaps between translational research and In Vitro Diagnostics. Similarly, in June 2022, Agilent Technologies launched IVD-compliant instruments, kits, and reagents to comply with the new European Union IVDR regulation.

Therefore, owing to the In Vitro Diagnostics Market Trends such as the rising prevalence of chronic diseases and infectious disorders, coupled with advanced technologies in In Vitro Diagnostics products, the market is anticipated to grow over the forecast period. However, the stringent regulations regarding product approvals and cumbersome reimbursement procedures are a few factors expected to restrain the IVD Market Growth over the forecast period.

In Vitro Diagnostic Market Trends

Reagents are Expected to Witness Significant Growth Over the Forecast Period

In Vitro Diagnostic Industry Segmentation

As per the scope of this industry research report, in vitro diagnostics involves medical devices and consumables that are utilized to perform in-vitro tests on various biological samples. They are used for the diagnosis of various medical conditions, such as diabetes and cancer. As detailed in industry pdf, the in vitro diagnostics market is segmented by test type, product, usability, application, end user, and geography. By test type, the market is segmented into clinical chemistry, molecular diagnostics, immunodiagnostics, hematology, and other test types. By product, the market is segmented into instruments, reagents, and other products. By usability, the market is segmented into disposable IVD devices and reusable IVD devices. By application, the market is segmented into infectious disease, diabetes, cancer/oncology, cardiology, autoimmune disease, nephrology, and other applications. By end user, the market is segmented into diagnostic laboratories, hospitals and clinics, and other end users. By geography, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. For each segment, the market size is provided in terms of value (USD).